EXHIBIT 99
DEAN HOLDING COMPANY
CONSOLIDATED BALANCE SHEET INFORMATION
(Unaudited)
(In thousands)
December 31, 2008 | |||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ | 5,035 | |
Receivables, net | 299,958 | ||
Inventories | 113,705 | ||
Deferred income taxes | 17,711 | ||
Prepaid expenses and other current assets | 9,836 | ||
Total current asset | 446,245 | ||
Property, plant and equipment, net | 512,085 | ||
Goodwill | 1,091,773 | ||
Identifiable intangible and other assets | 189,336 | ||
Total | $ | 2,239,439 | |
Liabilities and Parent’s Net Investment | |||
Current liabilities: | |||
Accounts payable and accrued expenses | $ | 279,608 | |
Current portion of long-term debt | 122,289 | ||
Total current liabilities | 401,897 | ||
Long-term debt | 297,310 | ||
Deferred income taxes | 158,741 | ||
Other long-term liabilities | 68,004 | ||
Parent’s net investment: | 1,309,263 | ||
Parent’s net investment | |||
Accumulated other comprehensive loss | 4,224 | ||
Total parent’s net investment | 1,313,487 | ||
Total | $ | 2,239,439 | |
DEAN HOLDING COMPANY
CONSOLIDATED OPERATING INFORMATION
(Unaudited)
(In thousands)
Year Ended December 31, 2008 | |||
Net sales | $ | 4,413,078 | |
Cost of sales | 3,425,169 | ||
Gross profit | 987,909 | ||
Operating costs and expenses: | |||
Selling and distribution | 623,777 | ||
General and administrative | 62,903 | ||
Amortization of intangibles | 3,405 | ||
Facility closing and reorganization costs | 5,271 | ||
Total operating costs and expenses | 695,356 | ||
Operating income | 292,553 | ||
Other (income) expense: | |||
Interest expense | 27,888 | ||
Other (income) expense, net | 95,795 | ||
Total other expense | 123,683 | ||
Income from continuing operations before income taxes | 168,870 | ||
Income taxes | 60,318 | ||
Income from continuing operations | 108,552 | ||
Income from discontinued operations, net of tax | 205 | ||
Net income | $ | 108,757 | |
DEAN HOLDING COMPANY
INFORMATION RELATED TO CONSOLIDATED STATEMENT OF PARENT’S NET INVESTMENT
(Unaudited)
(In thousands)
Parent’s Net Investment | Accumulated Other Comprehensive Income (Loss) | Total Parent’s Net Investment | Total Parent’s Net Investment | ||||||||||||
Balance, January 1, 2008 | $ | 1,193,029 | $ | (4,407 | ) | $ | 1,188,622 | ||||||||
Share-based compensation expense | 2,104 | — | 2,104 | ||||||||||||
Activity with parent | 5,373 | — | 5,373 | ||||||||||||
Net income | 108,757 | — | 108,757 | $ | 108,757 | ||||||||||
Other comprehensive income: | |||||||||||||||
Pension liability adjustment | — | 9,752 | 9,752 | 9,752 | |||||||||||
Cumulative translation adjustment | — | (1,121 | ) | (1,121 | ) | (1,121 | ) | ||||||||
Comprehensive income | — | — | — | $ | 117,388 | ||||||||||
Balance, December 31, 2008 | $ | 1,309,263 | $ | 4,224 | $ | 1,313,487 | |||||||||
DEAN HOLDING COMPANY
CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION
(Unaudited)
(In thousands)
Year Ended December 31, 2008 | ||||
Cash flows from operating activities: | ||||
Net income | $ | 108,757 | ||
Income from discontinued operations | (205 | ) | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 75,879 | |||
Share-based compensation expense | 2,104 | |||
Gain on disposition of assets and operations | (314 | ) | ||
Write-down of impaired assets | 4,017 | |||
Deferred income taxes | 8,974 | |||
Other | (1,196 | ) | ||
Changes in operating assets and liabilities, net of acquisitions: | ||||
Receivables, net | 32,984 | |||
Inventories | 5,556 | |||
Prepaid expenses and other assets | 165 | |||
Accounts payable and accrued expenses | (23,309 | ) | ||
Income tax receivable/payable | 2,744 | |||
Net cash provided by operating activities | 217,156 | |||
Cash flows from investing activities: | ||||
Payments for property, plant and equipment | (72,445 | ) | ||
Payments for acquisitions and investments, net of cash received | (36,320 | ) | ||
Proceeds from sale of fixed assets | 2,002 | |||
Net cash used in investing activities | (106,763 | ) | ||
Cash flows from financing activities: | ||||
Repayment of debt | (76,797 | ) | ||
Net Proceeds from receivables-backed facility | (52,088 | ) | ||
Distribution from parent | 7,328 | |||
Net cash used in financing activities | (121,557 | ) | ||
Decrease in cash and cash equivalents | (11,164 | ) | ||
Cash and cash equivalents, beginning of period | 16,199 | |||
Cash and cash equivalents, end of period | $ | 5,035 | ||